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speeches, fund-raisers, they're all over. now comes down to u.s. voters. more than 120 million are expected to show up at the polls. >> and european investors are holding off on big moves. equities just edging higher led by technology stocks. >> and adecco sees hiring picking up in america. >>> we're finally here, election day in the united states. before that, we have the latest pmis out of the eurozone. economy declined steepening going into the fourth quarter. the final services pmi lower than the flash. it was 46.2 was the flash. lowest since july 2009. that means the composite final pmi 45.7. the flash 45.8. french services pmi weakened, also. 46.2. so both those major parts of the eurozone economy -- >> and remember, this is a leading indicator. if you see europe doing any better next year, you have to start seeing at least this indicator bottoming. >> dollar just dipped down to its lowest point of the session on the back of that. and of course we've got in spain they're talking about the groth being much weaker than the government's forecast. >> even though their service might have b
the handover of power in china will impact relations in the u.s. >> we're in london to talk about shipping trends. >>> plus what will obama do about the looming fiscal cliff? we'll have plenty of analysis from commentators. >> and we'll hear first from the cfo of aliance. but first day two data suggested growth is picking up and inflation is moderating meaning beijing may have more scope to ease if necessary. ppi industrial output and retail sales all came in better than forecast. eunice joins us from beijing. i'd hate to suggest this is quite good timing for this data. very convenient. >> what are you suggesting? a lot of people are saying that the numbers are showing the economy is bottoming out and a lot of people do use the numbers as a guideline at least. they're saying the investment figures were encouraging. looking relatively strong. the government hasn't put up of much money in the infrastructure projects, so that's part of the equation here. other part is retail and consumption side actually look pretty good. numbers came in at 14.5% growth and that beat expectations. a lot of th
>>> welcome to worldwide exchange. here are your headlines. the final set of numbers on the u.s. jobs market before the election are out in just a few hours forecasts calling for another month of modest but not stellar payroll growth. >> dow, nasdaq post strongest session since mid september. >> the rising cost of sandy, one major risk modeling firm now says the economic losses from the storm could reach $50 billion. >> and china steps insecurity ahead of next week's com you uhe nis party congress. even model airplanes have been grounded. if you're just joining us, very good morning to you. this is where we stand. we are at the moment dow 24 points below fair value. let's show you where we is an with you're feuropean stocks. cac down half a percent, ftse 100 down 0.2%. let's show you some individual stocks in focus. losses on friday hurt by a sector wide slump. equipment maker cutting back spending down as you can see merely 7%. rbs coming out with results this morning. this is the uk bank with a government owned majority and part nationalized lending reporting an increase in th
here. the u.s. allegatielections and redskins lost. >> we will mention the redskins indicator, but it's true whether the u.s., china, greece, eurozone itself would make for a big week, but combine them all together, in fact it's no wonder that markets are a little unnerved. >> coming up today, plenty to get through. we're at singapore where hundyui shares are down. >> and here in london, uk pmi data will be out. the question whether it will follow an upward trend. >> and china preparing for the once in a decade political handover. we'll take a lower look at the new leadership. >> when the redskins win or lose, it has predicted the top winner since 1980. there has been a notable expossession of 1984. >> although gore did win the popular vote but not the electoral college. >> in 2000. >> that's right. >> the all-important football -- i should say american football indicator here. it points towards a romney victory. >> besides all that, plenty corporate news. hsbcs has set aside an additional $800 million in the third quarter to deal with the u.s. anti-money laundering probe. that brings
>>> these are your headlines. >> a tough start to a new month for equities as all through u.s. indexes snap a four month winning streak in the first day of trade after the market shut down. >> campaigning resumes as the northeast assesses the damage from super storm sandy. good and big earnings day for oil giants giants. shell sees a fall and exxonmobile due to report before the opening bell. >> growth recovery may be near. official october pmi bouncing back into expansion territory. >>> we're under way just one hour and an awful lot to to get to. >> new york city still struggling to right itself after monday's super storm. one stap he have the big apple will return, the mta will resume partial subway service on 14 lines. la guardia airport will also reopen at 7:00 a.m. with limited service. amtrak says it will try to restore service to penn station come friday. >> homes in bay ahead are seriously damaged or destroyed. president obama got a firsthand look with governor chris christie yesterday afternoon. >> and danielle lee joins us, she's in the town of toms river. and we kn
rolls to re-election and a second term, defeating mitt romney despite a weak u.s. economy and persistently high unemployment. >> investors cheer obama's re-election. equities trading high led by autos and health care stocks. >> democrats keep their hold of the senate and republicans keep their control of the house. >> there will be a tough challenge facing the looming fiscal cliff. >>> a very good morning to you. it's been a long night, but we have a result. >> yes, we do. let's get right it to. president barack obama capturing a second term in the white house despite the struggling u.s. economy. he did manage to win many of the same states he took in 2008 and nearly all the critical swing states, including ohio, virginia, and colorado. speaking to supporters in chicago just a few hours ago, the president congratulated his republican challenger on the spirited race and said there's plenty of work ahead to fix the country's fiscal problems. >> i believe we can seize this future together, because we are not as divided as our politics suggest. we're not as cynical as the pund
.1 million barrels a day. impact of hurricane sandy in the u.s., reduced, as well. crude oil supply dipped to a nine month low. so the demand being cut, patrick armstrong is where us, managing partner at investment managers. but that's clearly because of global weakness -- well, economic weakness in europe and hurricane impact. >> definitely. year over year, oil demand is up. we've had very weak economy in europe. not much growth in the united states. but i think that's the trend we'll be playing out for the next few years. >> oil 110 at the moment. is that a fair price? >> there's premium built in because of geopolitical risks. i think premium is probably justifiable. you look at wti at $23 discount to where breptd is. that's not sustainable in the long time, but given inventory levels, that will stay. >> do you keep your trade on oil? >> we have neutral position, but we're short the front month. respe respect. we make money by rolling the contracts the other way around. we're long oil in the 12 months forward rolling in to the 13th month and we end up with little more oil with that strat
. u.s. equity futures should be interesting to look at temperature basically on hold. not sure what to do after yesterday. we'll talk more about the economy in a minute with david rosenburg. it was pretty clear yesterday that depending on how you wanted to spin it, could you say how do you do for another four years. i don't remember any euro news in the last six months no matter how bad it was, we didn't get it free handle. so there's more to it than just europe. >> it was the fiscal cliff, but also the financials got hit so hard. if it had been romney, the cliff would be less of a deal because they would stepped all of them. so now we know and we lettered it first hand yesterday. boehner said we're open to tax increase, but part of a bigger plan that involves spending cuts. dove did a bungee -- >> worst thing i ever did. >> but it goes down and then right back up. >> the worst part is you feel like you're connected on something, but don't. it's a free fall until the very he said and then he start to feel like i'm connected to something and it throws being back into the air. >> my q
economists and business leaders say could send the u.s. economy back into recession. here we have an interesting divide between wall street and washington. wall street seems to believe and you can take a look at the numbers on how the market has acted over the past year. wall street seems to believe that we'll avert this cliff. washington seems to be willing to drive over the cliff. >> i think there's -- i don't want to pick on the tea party per se. you can say if obama would suddenly give in on taxes. what i worry about is there are people who are ideological in the country and more focused on other issues than taxation and money. those people i think are very much out of sync with other people as we discovered last night from the election. they could care less about the fiscal cliff. i think some people want to go over the cliff. >> howard dean last night, sam on "squawk" a couple weeks ago saying maybe it's the best medicine for us is to drive over this thing, go into a recession, provide some bed for growth in the second half of the year. it's a gamble. >> $5 trillion in cuts.
the same period. we associate obama with ruthlessness toward the banks. yet wells fargo, jp morgan, and u.s. bank corp are pretty much unchanged. and the credit card bank capital one thought to be the bane of the credit card bashing obama, actually up 8%. bank of america has collapsed from $47 to $9. a lot of them $57 to $17. mastercard 184 to 465. you have to draw a conclusion other than goldman and morgan have the wrong business models for the moment. and the big domestic banks have the right ones, except the poorly run, poorly executing bank of america, which can't benefit from the model because it's been so horribly hobbled by previous management's mistakes. >> the house of pain. >> that said, will goldman and morgan stanley do better under romney? is dodd/frank the liaison? or depending on trading and mergers and acquisitions as the peddling of big acquisitions is a thing of the past maybe they can come back. i still can't pin the tail on obama. too much disparity within the sector. obama care was supposed to take the profit margin out of the drug stocks, right? merck and pfizer are un
. the obama administration saying that china's currency remains significantly undervalued, but the u.s. treasury department is now stopping short of labeling the world's second biggest economy a currency manipulator. the white house is expected now to send the congress a multi-billion-dollar request on the recovery from superstorm sandy. the storm caused an estimated $71 billion in damages in new york and new jersey, and some congressional aides saying the request for funding would likely be at least $11 billion. the move comes as canada gets close to its decision on whether to approve the transaction. the energy companies say discussions with the committee are still in progress, and of course they had to file approval because they have extensive operations in the u.s. gulf of mexico. >>> "the wall street journal" reporting that virtue is emerging as the frontrunner to buy knight capital. they would possibly sell off parts of that business. finally, we can't get away from the story of twinkies. the bakers union of hostess brands wants a bankruptcy judge to appoint a chapter 11 trustee
for chapter 11. different news to digest. sales in the u.s., ford, gm, doing well. japanese automaker selling to china not doing so well. foreign automaker selling into china doing well at bmw. >> i think the suzuki thing mirrors what's happening at ford. >> i had an eye on one of their models. >> which one? >> the one with the four wheels. >> i have a harley in my garage. >> i'm not kidding. >> which garage is it by the way? do you even know? >> one of them is flooded. are you happy with that? >> is there a side car at leas.? >> i have tattoos all of the way up you just don't see them. suzuki blinking, ford, blinking, gm starting to blink. there's anti-globalization going on that we have to notice. some people say that i can't hack it in these markets. toyota was good. bmw was downbeat in terms of future. it wouldn't be something if everyone recognized what alcoa recognized. maybe it's too hard to be global. maybe it's too hard. go, suzuki was broken by the yen. it's hard to do business when you have these currency wars going on. >> how about kimberly getting out of diapers in europe? there'
time in nearly a decade and the u.s. underperforming. any doubt now that rivals are stealing share? >> retailers like macy's finally quantifying the effect of hurricane sandy. walmart kicking off black friday earlier than ever. we start this morning with the markets looking to bounce back from yesterday's selloff and nearly 1313 drop in the dow. europe on wall street's radar after the ecb and bank of england kept key rates unchanged. draghi holding a press conference right now saying he sees economic rekafr ri remaining weak and reforms are crucial to boosting growth potential on top of greece passing an unpopular package of austerity measures on wednesday and necessary for greece to receive another round of international financial aid. china's ruling communist party congress con vealing today in a leadership change. so much to digest overseas, jim. what came out of the ecb is expected. came out of greece seems to be largely expected. but spain still resisting. a bailout. that's trouble. >> i know. every day the crucial -- that's the crucial link. you have to give them the good loa
'm going to start with you today because we see that stutter step opening in the u.s. stock market. some of that could be attributable, i guess, to the plunge in spanish ten-year yields when rumors got out that maybe spain was going to ask for a bailout from the ecb. while we obsess so much on the fiscal cliff, the markets are paying close attention to what's going on in europe, yes? >> oh, well, i don't disagree. nothing gets past you, bill. i think the fiscal cliff for lack of any tangible movement there is up and center. look at the chart bill is referring to. at one point, we were up eight basis points on the ten-year in spain. by the end of the session, down three. the following charts might put a better face on it. if to you open the chart up to about a month, you can see that rates for the most part were about a one-month high in spain. if you look at their safe harbor counterparts, the exact mirror image of lower rates. the rumor is, hey, if you build it, a bailout facility, they will come. spain may be on their way, but it's still only rumor at this point. >> steven, how much of
to fill their landfills up. >> we have 11 landfills in north america, two in canada, nine here in the u.s. a lot of that volume that we're getting into our landfills in the u.s. is from the oil and gas place, quite frankly. so our raeal focus to deal with drill cuttings, a lot of the drilling muds, processing waste on these drill sites. but we're also -- i would actively pursue remediation projects. large events or projects that are taking super-fund related clean up. that's a steady kind of business that we're working on. we continue to see that volume or business continue to be pretty steady and growing. >> as a staff at cnbc, we're really focused on the fiscal cliff. i know people are tired of hearing that term, but it's huge. is there super fund money that's cut dramatically because of this sequestrati sequestration? >> you know, the super fund hasn't really been reauthorized for years. the amount of money that's being spent directly by the government is really small. what we're working for are these prp groups, these responsible parties where they've collected moneys from people that
. it is all about the u.s. this week. the tone for the most part has been negative this morning as you can judge from the red behind me. yes the uk pmi data came in weak, points to the country potentially in contraction territory despite the better gdp figures. some concern about greece. investors seem to be standing on the sidelines until a lot of these issues are resolved or at least there's more clarity. this follows reports over the weekend that some of the ways in which spanish banks borrow at cheap rates may not have been legal. the ecb says it's exploring the issue. one of the companies weighing on the foot city, hsbc which has said it is provisioning $1.5 billion against the laundering charges. group profit slightly disappointed investors. shares down 1.4% as a result the there. but that's really it in terms of the major corporate news. ubs going through a bit of a shake up. the bond wall expresses more of the mood we're seeing on the eve of the u.s. elections here. it's a rotation out of the periphery into the core. the gilts are benefiting. spain, italy seeing yields a little hig
's number two. third one of course is u.s. election. this is where some of the problems is. have you noticed german bonds today moving on the upside rather aggressively. u.s. bonds moving on the upside. that's all this stalemate concerns out here. that's all i heard this morning. that's all i heard over the weekend. the likely outcome is a stalemate no matter who wins on the fiscal cliff. obama will have to compromise. romney will have to compromise. what's the best hope for the industry and business right now? best hope is a last-minute deal to postpone tax cuts for yet another year, which could in fact go into the first quarter of negotiations. some of the people are more optimistic it will happen before that. some are not. that's why we get bonds moving to the upside right now. jim, i noticed that you mentioned the deal this morning with kbw. it's a symptom of what's going on in the friday overall. this was the big topic of the day. those who didn't hear, they are buying kbw for no premium. we're talking 6% premium. the stock was 16. offering 17 and change. that's no premium out there. th
. this isn't issue number one for the u.s. economic recovery has been unsatisfying. that's one area where wall street is hoping that's the way it would go under a romney president and probably will go that way. >> what about taxes? let's go through the two plans on taxes. this is one of the more important yishdz for wall street, whether it's capital gains taxes, dividend taxes, ordinary income. let's define each side here. todd? >> well, look, romney's been very -- he wants a tax-friendly environment, maria. he's been vocal about that. i mean, that's just the culture of the gop. but then these guys are the odd couple. you have president obama who clearly is talking about higher taxes for the upper class and also thinking, have you to look at those other taxes, health care taxes, for example, that will impact the middle class. you have a romney presidency, you can only assume we have will have a cut in taxes but we need to resolve this fiscal cliff issue. it's not just resolving the fiscal cliff, it's also a long-term plan up. don't want to have to go through this every 12 months, talk abo
? >> i'm, today, tomorrow -- today here, tomorrow there -- i'm going to short more bonds, more u.s. government bonds. i'm going to buy more commodities, buy metals, base metals and precious metals. looks to me like the money printing is going to run amok now. and the spending is going to run amok now. again, larry, i'm not saying this is good for the world, it's not good for anybody. this is what's going to go on. i have to invest based on what's happening, not on what i would like. >> mr. rodgers, rick santelli here. what about europe? i don't disagree with your notion you want to sell treasuries. i do disagree treasuries were moving to the downside because of a barack win. most of the traders in chicago were definitely thinking mitt was going to win. they were buying puts on the treasuries. they were buying calls on the s&ps. my question to you is pure and simple. the world is lending us money at rates much too cheap. i wouldn't lend uncle sam my money for ten years for 170 basis points but the european issue continues to push more investors into treasuries. when do you think tha
.com. >>> breaking news on an iranian fighter plane attacking a u.s. drone. it happened before election day. why are we just learning about this now? today? >>> but before we go to break, don't forget free market capitalism is the best path to prosperi prosperity. maybe there is going to be some progress in washington. i have an open mind. i'm kudlow. we'll be right back. [ female announcer ] want to spend less and retire with more? at e-trade, our free online tools and retirement specialists can help you build a personalized plan and execute it with a wide range of low cost investments. get a great plan and low cost investments at e-trade. >>> we are more breaking news tonight. u.s. defense officials confirm today that iranian fighter planes fired and missed at a u.s. drone. that was just days before election day. so why are we learning about it mow for the first time? joining me, syndicated radio talk show host, john bachelor. >> good evening, larry. >> good evening. they fired at one of our unmanned drones. why didn't we fire back? why didn't we take some retaliatory action? are we just patsy
u.s. responses were in realtime to that situation. he has testified on the hill before, but this will be the first chance for lawmakers to talk to him since the sex scandal erupted. and obviously that's one that people are going to be watching very closely. but it will be behind closed doors. so we will not see him on camera tomorrow, larry. >> no, but it will leak out. the leaks will be great fun. eamon, i just want to ask you one thing. the president got all heated up about susan rice. but susan rice sold a story with the video and the spontaneous demonstration. that was subsequently proven not credible. in fact, it was proven not credible even before she started selling it. and mr. obama still has not dealt with that part of the story. how did she get that story? why did she sell it? and why did he sell it when he knew it wasn't credible? >> well, what the president did today, larry, was he linked himself politically welch with susan race. he hitched his wagon to hers in a political sense, and the president saying, look, if you're going to go after her, you're going
not only surprises the street with a beat but says the u.s. enterprise business is showing signs of improvement. >>> and abercrombie silences the shorts. >> the president is scheduled to meet with a dozen ceos this afternoon to hear their concerns about looming tax increases and spending cuts. 73% of participants in a "wall street journal" ceo council conference said the fiscal cliff is their primary concern. goldman chairman and ceo lloyd blankfein talking about the importance of avoiding the fiscal cliff. he writes there's more than a trillion dollars of cash that is sitting on the balance sheets of u.s. nonfinancial companies with certainty about tax rates, companies will increase their capital expenditures currently at anemic levels contributing to a virtuous cycle of jobs and growth." if there was a disagreement as to whether this is becoming a mainstream story. story of "usa today," a giant cliff and inside a chart of how it will affect people. this is getting real. >> the editor of "usa today" is the single best print journalist going today. he understands what the pulse i
forces claiming to have targeted 100 gaza sites. the u.s. secretary of state hillary clinton is on her way to the middle east for talks with officials in a bid to try to end the deadly crisis. we've been watching oil prices, as well. and after sharp gains yesterday, you can see oil prices pulling back about 27 cents, still just about $89 for wti crude. we will have a live report from our nbc colleagues on the ground in the middle east coming up in the next half hour. >>> let's talk about some of the main market events of the morning. actually today fed chairman ben bernanke's speech at the economics sclub of new york is coming up at 12:15 eastern time. traders will be listening no any comments on the central bank's operation twist program and discussions about changing how the fed communicates about interest rates. operation twist expires next month. and there is some speculation the fed will continue making asset purchases by expanding the size of its $40 billion a month quantitate of it easing program. also on the economic agenda today, october housing starts released at 8:30 a.m. an
performance in the quarter. >> what are you seeing in market demand globally? sales increased in the u.s. and abroad. are you seeing a stronger global story today? >> we are. about 2/3 of our business is in latin america. most of the latin american countries in the mid-single digits. we see better category growth in general. category growth in the u.s. is picking up, however. we saw about almost 1.5% to 2% category growth in the u.s. that's a big reversal from where it was two years ago where it was down 2%. we're starting to see the consumer stabilize in the u.s. we're certainly seeing better growth in latin america in particular. >> let me ask you about the implications of hurricane sandy. first off, these gas lines in new york. the story has been just horrible with people unable to get gasoline because these gas stations do not have power. has this impacted your business? >> it hasn't yet, maria. we have one major manufacturing facility in the path of the storm. that was in aberdeen, maryland. our folk there is had the plant shut down for about 24 hours from midday monday to midday tu
softer condition and background in europe politically. and i think improving conditions here in the u.s. for the consumer and for manufacturing and for gdp in general. our general background is pretty positive. >> great points there. sandy, what about you? you say regardless of who wins the election, the fiscal cliff would be either downsized or deferred. what does that mean? >> well, i think downsizing is more likely. have you to factor in the hurricane as well because that's going to be a half a percentage point decline as well, coupled with, you need to get that fiscal cliff down to 1% or maybe 0.5%. i think the downsizing has to be pretty substantial. they're either going to have to defer it to the new congress and either a new administration or the existing one, but they've got to get it downsized pretty substantially pretty quickly. and it's going to require, because of that gridlock we're going to have again, a bipartisan concurrence. that's going to be the test in 2013. >> chris, what do you think? how do you want to invest with $1.5 billion under management, how are you allocat
. the jones act states that only u.s. flagships can carry goods from one u.s. port to another. now it is suspended non-u.s. flagships can also help bring petroleum products to areas where they are needed. of course it will take a while still for long gasoline lines to get shorter. for days now drivers throughout the new york area have had a very hard time getting gasoline. lines are sometimes half a mile long. >>> bertha coombs is on a tug in the harbor right now. that's going to be instrumental in getting more gasoline. >>> but first, kate kelly has more on the port situation in bayonne, new jersey. kate? >> reporter: thanks so much, michelle. we're here right in new york harbor where things today are slowly coming back to life after nearly a week in which this harbor was closed to marine vessels coming in and out. yesterday the coast guard opened this harbor for the first time in nearly a week. the port of new york and new jersey to boats with a special aim in mind, bringing gasoline and diesel to the city for much needed replenishment of empty fuel stations. there was an unflux
the costliest u.s. catastrophes. forecasting a cost between $10 billion and $20 billion worth of insured losses. the final tally impacted by, among other things, power in the transportation grids. as for the insurance industry with over $500 billion in capital it can pay expected claims. at last year's premium increases and a decline in catastrophe claims bulked up their profile. deutsche bank claims it could trim earnings by 36% but it could also help insurers later giving them cover to raise premiums. back to you. >>> sandynjrelief fund.org. mary pat christie is on the news line with us right now. welcome. good to have you with us. >> thanks, tyler. >> at some risk, i ask how are you and the christie family holding up? your husband and you have both then tireless this last week. gout to be pretty tired these days? >> we're doing pretty well. it's all relative, right, tyler? we don't have power yet but hopeful that we will soon. i'm also hopeful that our children get to go back to school tomorrow. >> we're in the same boat and expected to go back to school in my town montclair some time on wed
and save the u.s. economy from going down a dangerous road. it is wednesday, november 7th, the day after and a special early presentation of "squawk box" follows the late presentation that we had yesterday. but it starts right now. >>> good morning, everyone. welcome to "squawk box" here on cnbc. and yes, we know it's only 5:00 a.m. on the east coast, but you don't have to double check your clocks. on the morning after election day, we couldn't wait until 6:00 a.m. to get back on the air. the american public handing president obama four more years in the white house. meantime, the balance of power stays the same in the senate. this morning, we have two main items on the squawk agenda. after months of handicapping the race, we'll find out how the global markets react to the decision and ask how you need to position your portfolio. we have a number of people on hand to help us with that task, including mike santoli. he is our guest the next hour. chuck gabriel, his job is to try to connect the dots between washington and investors. we have jeremy seigel. also, vincent rinehart. we'll be jo
thanksgiving week, aside from the one disturbance in the central u.s. and the one other area off the carolinas, fairly quiet with the exception of the northwest coastline. that's where we're dealing with a lot of snow and a lot of rain. much of the snow over 7,000 feet. rain especially coastal oregon in some areas 7, 8 inches over the next few days. tuesday, still fairly quiet travel wise. wednesday, that persists in the northwest still remaining one of the trouble spots. thanksgiving, looking pretty good across a good stretch of the country. just a few showers up towards seattle. and as far as the numbers for friday are concerned, looking good there, as well. that may help some of the consumer numbers on black friday. >> why do you have a cool there for thanksgiving? i thought it would be fairly mild here on thursday. i heard low 50s. >> here we are in november, though. so cool, 50s. it's close to the averages. >> all right. just wanted to make sure. i was paying attention. supposed to be sunny and 50s. >> are you going to the parade? >> i'm going to try to go to the parade. we try to go ever
died in the u.s. as a result of sandy. most of them from new york and new jersey. still 5.6 million customers in the dark. and it may be ten days before the hardest hit areas sea power restored. more than 19,000 flights were canceled because of sandy, but stranded passengers have something to be thankful for. newark and jfk airports were back in business yesterday and delta and american airlines are scheduled to resume a limited number of flights out of laguardia in about 30 minutes. the mta is also getting back to business with new york city subways offering limited service starting today. the m tcta is waiving all fees until tomorrow. so good news there. >> we're looking for any good news so thank you. the eye of hurricane sandy has hit the jersey shore hard. it wiped away entire economies. president obama surveyed the damage with chris christie yesterday. this morning kayla tausche is in toms river, seaside heights. what's it look like there? >> reporter: it's very dark here. we're at the mouth of the bridge which leads over to sea sooid heights, a road only accessible by emergen
another couple of percentage points on the upside. keep in mind that the u.s. economy is still growing at a 1% to 2% happenedndle on gdp. like your previous guests mentioned, this fiscal drag that will occur in 2013. so, you know, 1% move in the market today is just noise. we have to look towards what global gdp is going over the course of the next 18 months. that's decelerating. >> so what you're saying, chad, is it doesn't mat who ater who the white house. >> 2013 is going to look exactly like 2012. global gdp will be decelerating. the u.s. economy should perhaps be at a 1% to 2% gdp growth trajectory. that's including a fiscal drag in the united states of about 1%. that's our baseline assumption. but one should consider also that over in europe, you're going to be going into a recession in 2013. and our expectation there is for, perhaps, a 1% contraction. that's going to affect the financial markets here in the united states. one should not dilute themselves of that fact. >> maria, i think that the market today is probably as much about just election uncertainty coming out of the ma
epperson at the nymex. u.s. jobs data sent gold prices sharply lower, below $1,700 an ounce. the first time we've seen gold this low since september 7th. we did see a lot of stocks go under way as we got the jobs data. oil prices are slightly lower, the stronger dollar pressuring oil prices as well as several e refineries still shut here along the east coast due to hurricane sandy and gasoline futures up slightly but the national average keeps coming down, $3.50, down 8 cents from a week ago, down 28 cents in the month. back to you, carl. >> thanks so much, sharon epperson. >>> the coast guard opening the port of new york and new jersey on a restricted basis allowing the backlog of barges allowing gasoline and fuel into the area. how soon might we see in the areas affected by sandy? good morning, kate. >> reporter: good morning, carl. i just returned from the dockses behind me where dry dock work ers are hoping to get themselves ready for new ships to be repaired as early as monday. they have a waterfront view of what's going on in the port of new york and new jersey which was just reopene
. that was in the u.s. as of 8:00 p.m. on on monday october the 29th. we originally saw previous landfall. as we progress into the northeast for today, light snowfall and rain for today. but the bigger concern is what's happening with the system that will be diving across the country. it's going to take a nose dive south of the system that's actually produce rain and snow across the dakotas. it will eventually take a nose dive south. and what that will do, there we go, here's a look at some of our spotty showers as well as our snowfall. again, a little bit of being a tip weather still knocking on the door of the northwest. here's a look at that system that i was telling you about. again, that will produce 1 to 4 inches of snow into portions of the dakotas as well as knocking on the door of northwestern minnesota. our storm system once it does track a little further east on sunday, things getting a difference from southeastern texas all the way up in to north carolina. now, as for those of you who are keeping tabs again on the weather across the middle east, the bitterly cold temperatures as we g
of the u.s. economy. it's tuesday, november 6th, election day, 2012. "squawk box" begins right now. >>> good morning. welcome to "squawk box." i'm becky quick along with joe kernen and andrew ross sorkin and the polls are opening in various parts of the east coast as we speak. some 30 million americans have already voted, including the folks in the tiny village of dixville notch. this follows tradition, they voted just after midnight and with the lowest turnout in almost 50 years, this time around it was a tie. five votes for president obama, five for governor romney. back in 2008, president obama defeated john mccain 16-5. let's take a look at the map. 270 electoral votes are needed to win. nbc news now shows president obama with 237 likely. romney 206. and 95 in the toss-up column, so it is going to be a very long evening, andrew. >> i think we'll be staying up pretty late and then we'll be back at it tomorrow morning. but cnbc's team of reporters has the country covered this morning. stationed in battleground states, campaign headquarters and here at election central. among our
their supporters out to vote, business, u.s. chambers doing exactly the same thing for the republicans. we're going to know on tuesday which side was more successful, larry. >> all right. john harwood. many thanks for that. >>> now president obama and mitt romney are crisscrossing the country in these critical final four days. obama's going to visit colorado, iowa, wisconsin, ohio, virginia, new hampshire, and florida. and an almost identical tour for romney excepts he swaps florida in favor of, get this, pennsylvania. very interesting. now you're going to be looking, there it is, live pictures of westchester, ohio, where a mitt romney rally is under way. tens of thousands there, and lines to come into the rally stretch out for six blocks. this is interesting. does team romney see an opening there? let's talk here now is democratic strategist robert shrum, columnist for "the daily beast" and ed rogers, republican strategist and former bush 41 deputy assistant. gentlemen, welcome back. >> good to be here. >> i want to begin with this thought. not the jobs thing. the jobs thing is too inconclusive. w
the u.s. dollar is a very simple vote. the u.s. dollar's been up six of the last seven weeks. at the same time, you've seen calamity in some commodity prices. gold starting to break down. if romney were to win, the first thing i think happens is more of the same which would imply ben bernanke removed from his seat, gold would be under a serious amount of duress, and you'd start to really have to bake in whether it's hubbard or taylor at the fed, a whole host of issues could come into the bond market -- >> that's your romney, clinton, king dollar scenario, if i may. >> yeah. both reagan and clinton were good for the dollar. i think romney, certainly in the intermediate term, would be seen as a bullish thing for the dollar as well. that could get gas prices in the end, i think that's good for the country, good for consumption. >> wow, great stuff. thank you ever so much. >>> it's election eve. who's going to be the victor? obama or romney? we keep asking this question. predictions up next. please stay right here. >>> president obama will win tomorrow night for two reasons. firs
creation? >> well, from a corporate standpoint, yes, maria, because most u.s. corporations are sitting on cash. as you saw profit margins hitting all-time highs. they're clearly not hiring a lot. at the end of the day, this whole economy and the stock market is about jobs. the market could be up even more if we start to see some job creation, but we can't be bidding stocks higher unless we start to see some in flows from our private client friends, who by the way, don't buy bond funds. we still think there's a lot of work to do on the investment side in terms of building further fundamental clarity with respect to the option of buying equities versus selling them. >> so you're not jumping on this bandwagon today, this rally we're seeing here? >> no, for one thing, we are just relieved that all of this election stuff is over. that's number one. number two, let's get back to the business of america and stocks going up in america as an asset looking very well on a longer term perspective. however, on a near-term basis, the market in our belief is well ahead of historical norms in terms of
real u.s. postage for all your letters and packages. it gives you the exact amount of postage you need the instant you need it. can you print only stamps? no. first class. priority mail. certified. international. and the mailman picks it up. i don't leave the shop anymore. [ male announcer ] get a 4-week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. >>> if you want to know what stocks can work in this increasingly difficult environment, how about we start with stocks that go up when they report earnings, not down, especially on horrendous days of late. stocks like henry schein. it's one of the world's largest distributors of health care products and services. the
this evening is mark ginsburg. he's the former u.s. ambassador to morocco. mark, welcome back to the show. look, i'm probably naive. but 16,000 reserves have been called up. maybe another 70,000 on the way. a ground war may start. can the israeli defense forces just take out the hamas forces? can they just take them out, martin? >> well, they can. and the fact of the matter is that they failed to do so in 2008 because of international pressure over civilian casualties. and that's of course the dilemma. but the fact of the matter is, larry, that we're seeing once and for all why we cannot let iran get a nuclear weapon. because hamas has been able to get these missiles from iran. and what's going to stop them if they're firing missiles at jerusalem today, what's going to stop them from firing a nuclear missile at israel tomorrow? that's why israel has to act authoritatively, finally, once and for all against the hamas military and civilian leadership. >> and stay on the ground for a while longer. in other words, not pull out. what i'm asking you i guess is just a basic military strategy issue. wi
, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> we are going to look at last-minute stock place for your portfolio new obama millionaires house, do they stack up against gop presidents? >>> and a once we know who will be the president the next four years will we finally solve the fiscal cliff? if not, you won't believe what it will cost you. get back to power lunch. >>> the voters are heading to the poll, with the election behind us tomorrow, will we see a pop either way because of some of the uncertainty removed from the market or not? your massive this morning, you had interesting statistics and you said this market looks like '08 all over again what way? >> traditionally, election
and you're right, if the purchasing manager survey in the u.s. is a little better as was consumer confidence. >> jack, what do you think, is sandy a big driver for stocks or is it the coming election and the possible outcome? >> i think it's one that you have a lot of underinvested what i call nonbelievers. i think we're entering the period of chasing returns. first of november i think we started since '09 where it's been up. which is indicative of what the next couple of months will bring. having said that, sandy will produce jobs. the question is will sandy produce more jobs than president obama did over the course of the last few years. and as far as the numbers, let's keep this in mind. i'm 5'5". when i'm with my mop and my sisters who are 4'11", i'm a giant. but when i'm around my friends who are 6-feet, reality sets in. so these nudges are not great. >> this could be too much information. >> i know. you're saying the numbers are good, but not -- >> that's exactly right. when you're starving, even a crumb looks like a steak. we need a few months of solid growth. we need pro-g
in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. ♪ mom? dad? guys? [ engine turns over ] [ engine revs ] ♪ he'll be fine. [ male announcer ] more people are leaving bmw, mercedes and lexus for audi than ever before. take advantage of exceptional values during the season of audi event. >>> welcome back to our special coverage. hundreds of races in the house and senate tonight. >> there's tight races in the senate in early returns. pretty much going as we expected. we do have handful of newly projected winners in the senate races so far. nbc news declared that bill nelson is projected winner in the state of florida. nbc news also declaring angus king the projected winner in the state of maine. he's someone that we'll want to watch because he's an independent who hasn't said who h
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